Sign Up

Awaken The World Through Enlightened Media

Facebook Plans To Tackle Silicon Valley Housing Shortage By Building Its Own

The shortage of housing in California’s Silicon Valley has gotten so severe that Facebook on Friday proposed taking homebuilding into its own hands…

Awaken

for the first time with a plan to construct 1,500 units near its headquarters.

The growth of Facebook, Alphabet Inc’s Google and other tech companies has strained neighborhoods in the San Francisco Bay area that were not prepared for an influx of tens of thousands of workers during the past decade. Home prices and commute times have risen.

Tech companies have responded with measures such as internet-equipped buses for employees with long commutes. Facebook has offered at least $10,000 in incentives to workers who move closer to its offices.

Those steps, though, have not reduced complaints that tech companies are making communities unaffordable, and they have mostly failed to address the area’s housing shortage.

“The problem with Silicon Valley is you don’t have enough supply to keep up with the demand,” said Sam Khater, deputy chief economist at real estate research firm CoreLogic.

With Facebook’s construction plan, the company said it wanted to invest in Menlo Park, the city some 45 miles (72 km) south of San Francisco where it moved in 2011.

The company said it wants to build a “village” that will also have 1.75 million square feet of office space and 125,000 square feet of retail space.

“Part of our vision is to create a neighborhood center that provides long-needed community services,” John Tenanes, Facebook’s vice president for global facilities, said in a statement.

The 1,500 Facebook housing units would be open to anyone, not just employees, and 15 percent of them would be offered at below market rates, the company said.

Facebook said it expects the review process to take two years.

Alphabet has taken a smaller step, buying 300 modular apartment units for short-term employee housing, the Wall

Menlo Park Mayor Kirsten Keith said in an interview that there were concerns about whether the Facebook plan would increase traffic, a subject the city’s planning department would study.

She said, though, that Facebook’s plan fits with the city’s own long-term plan for development, and that the city was excited about the additional housing.

Facebook’s Tenanes said the density of the proposed development could also entice spending on transit projects.

“The region’s failure to continue to invest in our transportation infrastructure alongside growth has led to congestion and delay,” he said.

Source: Venture Beat

Share

Leave a Reply


Sources

News Source

33rd Square
Alternative Energy
Am Solar Energy Society
Ancient Origins
Ars Technica
Awakening Women
AltHealthWorks
BBC
Belief Net
BodyMindSoulSpirit
Care2
Chopra Center
Cleantech News
Climate Central
Collective Evolution
Common Dreams
C S Monitor
Daily Cup of Yoga
Daily Good
Dept Of Energy
DoYouYoga
EarthTechling
EcoWatch
elephant journal
Elevated Existence
Futurity

 

Gas2
Gizmodo
GrandParents
Greatest
GreenMedInfo
Heal Your Life
Health Perch
Healthy Child
Healthy Food Team
Higher Perspective
Homestead
Huffington Post
Hyperbot.com
IEEE Spectrum
Ignite Me
Indian Country
Inspiration All Over
Inspire Me Today
Institute of HeartMath
John Robbins
Kripalu Blog
Lion’s Roar
Live Science
Lucid Dreaming
MindBodyGreen
Mindful

 

 

MIT
The Moon Magazine
Mother Jones
Mother Earth News
Mother Nature Network
Nation of Change
National Geographic
Natural Society
Now And Zen
OM Times
Origin Magazine
Purpose Fairy
Psych Central
PhysOrg
Planet Green
Reality Sandwich Science Alert
Scientific American
SelfGrowth.com
Sierra Club
Singularity
Singularity Hub
Singularity WebLog
Space.com
Spirituality & Health
Spirit Library

 

Spirit Science
Spirit Science & Metaphysics
Sun Shot Initiative
SuperConsciousness
TED
ThinkProcess
The Mind Unleashed
The Open Mind
The Spirit Science
Transients.info
Tree Hugger
Truth Theory
U of C Scientest
Wake Up World
Waking Times
We Are One
Women’sHealth
World Future Society
Yoga Anonymous
Yoga International
Yoga Journal
YouTube

Teachers

Adyashanti
Alberto Villoldo Ph.D.
Amma
Ananda Giri
Anodea Judith Ph.D.
Anthony (Tony) Robbins
Arjuna Ardagh
B.K.S. Iyengar
Barbara Marx Hubbard
Bernie Siegel, M.D.
Byron Katie
View all

People

Aubrey De Grey
Daniel Kraft, MD
Danielle Graham
Dawn Cartwright
Dr. KD Farris
Dr. Oz
Ed and Deb Shapiro
Elon Musk
Fu-Ding Cheng
James Mihaley
Jim Carrey
View all

Corporate